The oil slump has cut this drilling company's US revenue in half

It might not be the most well-known company in the world but oil
services group Schlumberger is a good indicator of where the oil
market is heading.

Schlumberger helps oil companies find and drill for oil and they.
The group's chief executive, Paal Kibsgaard, warned that a
recovery in the oil and gas industry has been delayed and his
clients will cut their spending into 2016.

Profits are down to $989 million (£650 million),
from $1.9 billion (£1.3 billion) a year ago.

Since the middle of 2014, Brent crude has slumped from
above $100 a barrel to below $50. A series of
decisions by OPEC, the cartel of oil-producing nations,
have
driven the supply to record levels.

That's not an accident — it's a conscious effort by Saudi
Arabia and other Gulf states to slow down and kill off a
significant portion of US oil production. The number of US oil
rigs rose by 700% from 2009 to 2014.

“As we enter the last quarter of the year, the oil market
is still weighed down by fears of reduced growth in Chinese
demand and the expectations regarding the timing and magnitude of
additional Iranian supply," Kibsgaard said.